NVTS, RGTI jump; FUTU plunges

Navitas Semiconductor and Rigetti Computing were among the biggest U.S. stock gainers on May 22, while Futu Holdings led the decliners. Market data compiled by Morningstar showed Navitas closing up 19.98% at $29.25 and Rigetti up 19.87% at $26.42, while Futu fell 27.53% to $89.76. The moves followed three different catalysts. Navitas had recently highlighted new gallium nitride and silicon carbide products for AI data centers and grid infrastructure, Rigetti said it had signed a letter of intent for up to $100 million in U.S. government funding, and Futu disclosed an investigation notice and proposed administrative penalties from China’s securities regulator. ### Why did Navitas jump nearly 20%? (morningstar.com) Navitas said on May 18 it would showcase “breakthrough GaN and SiC based solutions for AI data center” applications at PCIM 2026, including a 20 kilowatt power delivery board for AI data centers. The company said those products also targeted energy, grid infrastructure and industrial electrification markets. Navitas had also reported first-quarter 2026 revenue of $8.6 million on May 5, up 18% sequentially, and said high-power markets including AI data centers represented a large majority of revenue. (navitassemi.com) The company said it expected continued sequential growth in the second quarter and through the rest of 2026, driven by those higher-power markets. ### What was behind Rigetti’s rally? Rigetti said on May 21 that it signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million over three years. The Berkeley, California-based company said the funding would support research and development aimed at scaling superconducting quantum computers. The Department of Commerce funding falls under the CHIPS Research and Development Office Broad Agency Announcement, according to Rigetti’s statement. (ir.navitassemi.com) The company said the work would address “key technical challenges” in advancing superconducting quantum computing. ### Why did Futu plunge? Futu said on May 22 that it received a Notice of Investigation and an Administrative Penalty Pre-Notification Letter from the China Securities Regulatory Commission and its Shenzhen bureau. (investors.rigetti.com) The notice relates to the company’s mainland China operations. Forbes reported that the Hong Kong-headquartered company, known for the Moomoo and Futubull platforms, fell nearly 28% on Nasdaq trading after the disclosure. (investors.rigetti.com) Yahoo Finance separately described the action as a regulatory probe tied to allegedly unlicensed securities and fund activities in mainland China, though that characterization should be read as secondary reporting on the company’s filing. (ir.futuholdings.com) ### Were these broad market moves or company-specific reactions? Morningstar’s May 22 market-movers page showed Navitas and Rigetti among the session’s top gainers and Futu as the biggest loser, indicating the swings were concentrated in individual names rather than a uniform sector move. Rigetti was also listed among the day’s most active stocks by trading volume. The three stocks were reacting to separate disclosures released between May 18 and May 22. (forbes.com) Navitas pointed investors to AI data-center power products, Rigetti disclosed prospective federal support, and Futu disclosed a regulatory action in China. ### What comes next for investors watching these names? Futu said on May 19 that it plans to report first-quarter 2026 financial results before the U.S. market opens on May 28. (morningstar.com) Navitas said Chief Executive Chris Allexandre and Chief Financial Officer Tonya Stevens will attend the Craig-Hallum Institutional Investor Conference on May 28 and the Evercore Global TMT Conference on June 3. (ir.futuholdings.com) (navitassemi.com)